FNMA
This is what FNMA stands for.
What is "Federal National Mortgage Association"?
This is what FHLMC stands for.
What is Federal Home Loan Mortgage Corporation
This is the Regulation that is associated with the borrowing limitations/reporting for Bank Executives.
What is Regulation O?
This is the loan product used for good borrowers that don't qualify on the secondary market.
What is Portfolio Loan?
This is the Encompass form where a MLO tells the borrowers "Story"
What is the Transaction Information Form?
This is the maximum LTV for the purchase of a 3 unit investment property thru FNMA.
What is 75%
This is the maximum LTV for the purchase of a second home thru FHLMC.
What is 90%
This is the maximum conventional conforming loan limit for 2023.
What is $726,200
This is the 3 day "cooling off" period after a borrower closes on primary residence refinance.
What is rescission period (or right of rescission)?
This is the Asset Size of Enterprise Financial Services Corp as of the most June 2023 quarterly reporting.
What is $13.8 Billion
This is the new term used in DU replacing "Appraisal Waiver"
What is "Value Acceptance"?
This is the name of the First Time Home Buyer product with FHLMC?
What is Home Possible?
This is the maximum age of an appraisal to be used for secondary market mortgage loans.
What is 12 months?*
This is the year that Rick Murphy started in the mortgage business.
What is 1972
This identifies where a mortgage loan currently sits in the production line.
What is a Milestone
This is the amount of "Reserves" required when purchasing/refinancing a 2nd home.
What is 2 months?
This is the highest mortgage interest rate for 30 year fixed mortgages as reported by FHLMC in 1981
What is 18.5%
For loan amounts greater than $110,260, this is the maximum points/fees percentage threshold under ATR/QM.
What is 3%
This is what Michelle does when she is not working.
Usually something to do with DIY Projects. Either her own or family.
This is the section of the 1003 where gift funds are entered
What is Part 4d (gifts/grants section)
This is the "Maximum allowable" DTI Ratio for loans underwritten through DU.
What is 50%
This is the "Maximum allowable" DTI Ratio for loans underwritten through LPA?
What is "Not Applicable"? FHLMC does not state a specific maximum DTI Ratio.
This is the type of property that is shown on the 1003 as being primarily for business use.
What is Investment Property?
This is the number of Audits the mortgage department went through in 2023 so far.
11
This is the regulation that is triggered once the LO Certification is completed.
What is Reg B?